TechFlow news, on October 13, Hyperliquid co-founder Jeff posted on social media stating, "Hyperliquid's fully on-chain liquidations are incomparable to underreported CEX liquidations. Hyperliquid is a blockchain where all orders, trades, and liquidations occur on-chain. Anyone can permissionlessly verify the execution of the chain, including all liquidations and their fair enforcement for all users. Additionally, anyone can verify the solvency of the entire system in real time. Transparency and neutrality are key reasons why fully on-chain DeFi serves as the ideal infrastructure for global finance.
Some centralized exchanges have publicly admitted to severely underreporting user liquidations. For example, on Binance, even when thousands of liquidation orders occur within the same second, only one is reported. Since liquidations are sudden events, underreporting by up to 100x in certain cases is easily achievable. Sources are shown below. It is hoped that the industry will regard transparency and neutrality as essential characteristics of the new financial system, encouraging other sectors to follow suit."
